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When you undertake to start a new business, on top of finding the money for start-up, finding a location, designing the product or service, printing brochures and business cards, you need to decide on the business structure.
Small business corporations are a popular design, often with “sub S” income tax filing status (taxed like a partnership). The owners of a corporation own the shares of stock and they elect themselves and others to make the business decisions (directors, who sit on the board of directors). The directors elect the officers and give some of their decision making power to those officers, along with the duties that go with each office.
Those duties are set out in a set of by laws. The by laws also state how often the corporation board shall meet (at least once a year is a legal requirement) and a general structure for business transaction. A registered agent (a lawyer or one of your officers) is designated to receive notices from the State Corporation Commission or legal notices and suits.
The attorneys at Cox and Cox have successfully helped individuals who create small business corporations, partnerships and limited liability companies to get into business, stay in business, and sell or transfer their businesses by sale or by passing the reins on to the next generation.
The form of business is unique to you and your business plan. We offer a free consultation about business formation, and stand ready to help you build and maintain the structure of your new or existing business.